Tractor Pulls Estate Tax Bill to Clinton's Door | AccountingWEB

Tractor Pulls Estate Tax Bill to Clinton's Door

The estate tax repeal bill was delivered to President Clinton Thursday for what is expected to be a certain veto. Congressional leaders have promised to attempt a veto override on this extremely popular bill.

The bill would entirely repeal the federal estate tax over a 10-year period. Opponents of the bill claim it favors the wealth, while supporters claim it will save untold numbers of family businesses, particularly farms, which often end up being sold to pay exorbitant estate taxes.

Clinton has until Labor Day to make a decision about the fate of the bill. If the bill is vetoed, Congress will attempt to override the veto. When the bill originally passed, there was enough support in Congress to provide the required two-thirds majority vote. Since that time, however, the margin has slimmed as some House Democrats have indicated they may change their votes in support of the President.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.